Rush To Your Desk – Your YA 2017 Form C / C-S Income Tax Filing Is Due This Month!
All companies must file their Income Tax Return (Form C-S, or Form C together with accounts and tax computation as required) by 30 November (paper-filing) or 15 December (e-filing).
IRAS takes action against companies that do not file their Income Tax Return on time or fail to file altogether. A dormant company must submit its Income Tax return unless the company has been granted waiver of Income Tax return submission.
Make sure you do not miss this important annual IRAS dateline.
If your company fails to file the Form C-S/ C, accounts and tax computation by the due date, IRAS may take the following actions:
1. Issue an estimated Notice of Assessment (NOA). The company must pay the tax amount based on this estimated NOA within one month
2. Impose a composition fee not exceeding $1,000
3. Issue a Section 65B(3) notice to the director
4. Summon the company or person responsible for running of the company (including the directors) to Court. If the filing for any year of assessment is outstanding for 2 years or more, the penalty imposed could be twice the tax amount assessed by IRAS in addition to a fine not exceeding $1,000
If you have not started this process, please drop everything you are doing now, focus 100% on this Important Compliant event this month now!
If you need help, feel free to contact us at :
(O) +65 63851011
(M) +65 90880669
